FXTM Broker Review For Kenya In 2024

FXTM Basics

🏛️ Based in	Limassol, Cyprus
⚖️ Regulation	CySEC, FCA, FSB
💰 Minimum Deposit	$50
💳 Deposit Options	VISA, MasterCard, Bank Wire, Skrill, Neteller, Fasa Pay, Perfect Money.
💳 Withdrawal Options	VISA, MasterCard, Bank Wire, Skrill, Neteller, Fasa Pay, Perfect Money.
📌Open an account	Start Trading with FXTM

Our Opinion About FXTM

FXTM was first set up in 2010. It is one of the biggest online brokers in the forex industry with over 4,000,000 traders worldwide. They are well-known for providing an excellent online trading experience, and have won many forex awards in recognition of their service.

As a licensed forex broker, FXTM has a secure online trading environment and good client fund protection measures. They offer three main account types. They all come with a large range of trading instruments including forex pairs, precious metals, stocks, indices, and commodities. They also come with excellent trading conditions including tight spreads, high leverage, and low commissions. 

As a reliable broker, FXTM also has top-notch trading technology. They have both the MT4 and MT5 trading platform- two of the best in the industry. They also have a good choice of trading tools including market signals, trading calculators and an economic calendar. If you’re looking for a little more support, they also have free market research and free educational resources. Could this be the right broker for you? Read our review to find out.

Key Benefits

Regulation and Safety

FXTM is a regulated forex broker. This means that they are registered with regulatory bodies and operate under regulatory insight. They have three main licences and registrations. These are:

• CySEC – ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission (CySEC), with licence number 185/12.
• FCA – ForexTime Limited is registered with the UK Financial Conduct Authority, with licence number 600475.
• FSC – Exinity Limited is regulated by the Financial Services Commission of the Republic of Mauritius, with licence number C113012295.

CySEC and FCA are both highly reputable financial authorities. They have strict regulatory requirements and monitor forex brokers closely. FSC is another well-known regulatory authority. They have less stringent regulatory requirements but still monitor companies. FXTM is also part of the Exinity Group, and this group has a licence from the CMA in Kenya.

Regulation In Kenya

Kenyan clients can sign up for an account under the Exinity Limited company, which is regulated by the FSC Mauritius. This means that Kenyan clients can get better access trading conditions including higher leverage,and even bonus credit, when available.

FXTM Fund Safety

FXTM is a reputable forex broker. They take client fund safety very seriously and choose to go beyond their standard regulatory requirements. They operate under strict client fund protection measures. For example, FXTM keeps all client funds in segregated accounts, separate from its operational funds. This means that they can never use client money for their own business purposes. FXTM also ensures that negative balance protection is available to Kenyan traders on a discretionary basis. When provided, negative balance protection ensures that client funds can never fall below zero.

FXTM is also a reliable forex broker. When it comes to client fund safety, they choose to offer their traders extra protection via investor schemes. For example, Exinity Limited is a member of the Financial Commission – an organisation responsible for helping to resolve disputes in the forex industry. Accordingly, the Compensation Fund will cover judgments that have been made by the Financial Commission of up to €20,000 per client.

FXTM Industry Awards

FXTM has a great reputation within the forex industry. They are an established broker and they are well-known for both their high quality trading conditions and excellent online trading experience. In recent years, they have won many prestigious industry awards in recognition of their forex trading services. These include:

• Best Trading Experience 2021 (World Finance)
• Best Education Provider Nigeria 2021 (World Business Outlook)
• Best Trading Platform Nigeria 2021 (World Business Outlook)
• Most Trusted Broker Nigeria 2021 (World Business Outlook)
• Best European Forex Affiliate Broker Programme 2019 (Global Forex Awards)
• Best Trading Conditions 2019 (World Finance Awards)
• Best investment Broker 2019 (World Finance Awards)
• Best Forex Education Provider Africa 2018 (International Business Magazine)
• Best Trading Conditions 2018 (World Finance).

FXTM: Legit or Scam?

FXTM is a legit online broker. They have been offering forex trading services to traders worldwide for many years. They have licences from some of the best financial authorities in the world, and comply with all their regulatory requirements. In terms of their trading services, they have a good range of trading accounts and competitive trading conditions. They also have plenty of payment methods, and good client fund safety policies. In our opinion, they are a reputable and trustworthy forex broker.

Trading Assets

FXTM has a nice selection of trading instruments including forex pairs, metals, stocks, indices, and commodities. They offer around 250+ instruments in total.

Trading Instruments

• Forex pairs: There is plenty of choice when it comes to instruments. They have 62 forex pairs to trade, including majors, minors, and exotics.
• Spot Metals: There is a small selection of spot metals. You can choose from five silver and gold crosses with the EUR, USD, and GBP.
• Spot Indices: They also have a few indices. You can choose from 11 spot indices, including the UK100, Dax30, and the AUS200.
• Stock CFDs: FXTM has just over 17 stock CFDs including popular technology, healthcare, finance, and energy brands.
• Commodities: They only offer 3 spot commodities. You can choose from UK Brent, US Crude, and US Natural Gas.

FXTM Account Types

FXTM gives you the choice of three account types. These are the Micro account, the Advantage account, and the Advantage Plus account. If you’re looking for other options, they also offer a Demo account, an Islamic swap-free account, and a PAMM account.

Type	Spreads	Min. Deposit	Max. Leverage	Commission
Micro	From 1.5 pips	$10	1:1000	$0
Advantage	From 0.0 pips	$200	1:3000	$0.4-$2.0
Advantage Plus	From 1.5 pips	$200	1:2000	$0

Micro Account

The Micro Account is their most affordable trading account. It is a good option for new traders who want great trading conditions and low minimum deposits. It has low average spreads of 1.5 pips on EUR/USD, as well as zero commission trading. It also has high leverage of up to 1:1000, which is more than enough for beginners. The FXTM minimum deposit for this account is only $10.

Advantage Account

The Advantage Account is their standard trading account. As such, it is a good option for intermediate traders who want great trading conditions and low spreads. It has an average spread of 0.0 pips on EUR/USD, and variable commission of $0.4 to $2.0 per side, depending on trade volume. It also has high leverage of up to 1:2000. The FXTM minimum deposit is $200 for this trading account.

Advantage Plus Account

The Advantage Account is their premium trading account. As such, it is a good option for more experienced traders looking for great trading conditions, high leverage, and low commissions. It has an average spread of 1.5 pips on EUR/USD, and zero commission trading on forex pairs. It also has high FXTM leverage of up to 1:2000. The FXTM minimum deposit is $200 on this account. It is worth noting that the FXTM Advantage Plus account is available on MT4 and MT5,

Demo Accounts

FXTM also has its own demo trading account for new traders. With a demo trading account you can work on your forex trading skills and start to familiarise yourself with different trading strategies. You can also get a feel for the forex market and what it’s like to be a forex trader. The FXTM demo accounts work using a virtual balance, which means you don’t have to deposit any real money, and you can learn how to trade properly in a risk-free environment. The account will remain active for as long as you need, provided you log in at least once a fortnight.

PAMM Accounts

FXTM has a PAMM account service. This means that experienced forex traders can run managed accounts and help newer traders with their strategies, in exchange for a small fee. To find out more about FXTM’s managed account services, and how to register for an account, you should contact the FXTM customer support team.

Islamic Accounts

All of the FXTM trading accounts are available as Islamic swap-free trading accounts. When the swap-free mode is enabled, the trading accounts will not accrue any interest for carrying positions overnight. Therefore, they are suitable for Muslim traders and they are compliant with the no-riba tenets of Sharia law. The swap-free status is usually available for seven days depending on which trading instrument you are trading. If you keep your trading positions open for more than seven days, then a swap-free fee (daily fee) will be charged. The fee is 12.90 USD per day.

FTXM Leverage

Traders in Kenya can benefit from access to higher leverage. The leverage that you get varies depending on what kind of trading account you choose. For example, you can get up to 1:1000 with the FXTM Micro account, and up to 1:2000 leverage with the FXTM Advantage account and the Advantage Plus account. This is great news for traders as having access to higher leverage can create new trading opportunities.

FXTM Spreads

Traders in Kenya can also benefit from access to more competitive spreads. The FXTM spreads you get really depends on what type of trading account you choose, as they all have different trading conditions. For example, you can get spreads from 1.5 pips on EUR/USD with the FXTM Micro account and the Advantage Plus account. You can also get spreads from 0.0 pips with the FXTM Advantage Account. This is good news for traders as having access to lower spreads can enable you to save money on trading costs.

FXTM Commission

Traders in Kenya can enjoy access to low commission fees. The exact trading costs vary slightly depending on your trading account. For example, there are no commission fees on the FXTM Micro account. You can trade with an average commission of between $0.40 and $2 (according to the trading volume) on the FXTM Advantage Account. There are no commission fees on the Advantage Plus account. This is great news for traders as having access to zero commission trading enables you to keep more of your trading profits

FXTM Registration: How To Open An Account

As part of our FXTM review, we took a look at their account registration process. If you live in Kenya, then you are eligible to open an online trading account at FXTM under their Exinity subsidiary. The online registration process is quite simple and you can open an account fair quickly. The first step is to visit their website and register online. This is so that FXTM can gather some basic personal details and start creating your account. You also need to choose an email address and password. These will be your login details.

The next step is to complete a short online trading quiz. This is so that FXTM can see how much you know about trading and determine whether their online trading services are suitable for you. If you pass the quiz, then you can proceed with your account application. The final step is to complete the KYC (Know Your Customer) process, submit your documents, and choose your preferred account type. This is so that FXTM can complete all of their regulatory checks and approve your account. After that, you can deposit funds, using your chosen FXTM payment method, and start trading.

FXTM Registration: How To Verify An Account

To open a live trading account, you need to go through the KYC process, also sometimes known as account verification process. The KYC process is a legal requirement and enables forex companies to confirm your identity. The process is quite easy. You just need to show FXTM a proof of ID and a proof of address. You can send them copies of your National ID card, Passport or Driving License. You can also send them copies of a utility bill or a bank statement registered in your name. After you have verified your account, you can add funds and start trading.

FXTM Payment Methods

FXTM Deposits

When choosing a broker, it’s important to check that they have suitable payment methods and low deposit costs. FXTM has several convenient payment options. You can deposit money using a debit card, credit card or bank transfer. You can also add funds using one of the available e-wallets: Skrill, Neteller, Fasa Pay, and Perfect Money.

FXTM Deposit Times & Fees

FXTM does not charge any deposit fees, but there may be some currency conversion fees depending on what base currency you choose. They usually process deposits quite quickly. For example, if you deposit money using a debit card and credit card, then the money should arrive in your account within two hours. If you deposit money using Skrill or Neteller, then money should arrive instantly.

Minimum Deposits

FXTM has fairly low minimum deposits which is great for new traders with less initial trading capital. The FXTM minimum deposit is different for each account. For example, the minimum deposit for a micro account is $50. However, the Advantage account minimum deposit is $200, and the Advantage Plus account minimum deposit is also $200.

FXTM Withdrawals

Withdrawal Methods

When choosing a broker, it’s important to check that they have good payment options and low withdrawal fees. FXTM has plenty of good withdrawal methods. You can easily withdraw money using a debit card, credit card or bank transfer. You can also make withdrawals using one of their other payment options. For example, you can try using Skrill, Neteller, Fasa Pay, and Perfect Money.

Withdrawal Times

FXTM is generally quite good when it comes to withdrawals. The withdrawal times do change slightly depending on which payment method you choose. For example, if you withdraw money using a debit card or credit card, then you can expect to receive the money within a few working days. However, if you take money out using Skrill or Neteller, you can expect to receive the money within 24 hours.

Withdrawal Fees

FXTM does charge withdrawal fees. The exact fee depends on which payment method you choose. For example, withdrawals made via a debit card have a $3 fee, and withdrawals made via wire transfers have a $10 fee. However, withdrawals made via Skrill and Neteller are completely free.

Trading Platforms

FXTM has some great trading platforms. You can choose between using the FXTM MetaTrader4 platform and the FXTM MetaTrader5 platform. The exact trading conditions available on your platform depend on which trading account you choose.

MetaTrader4 is a good choice for new traders who are just starting out. It has a user-friendly design and is very easy to navigate. The FXTM MT4 platform gives you access to common trading instruments including forex, shares, metals and indices. It also gives you access to charting tools, 4 order execution types, 30 technical indicators and 23 analytical objects. This means that you have everything you need to study the markets, plan your trades, and carry out your trading strategy.

MetaTrader5 is a good choice for more experienced traders. It has a simple layout and a user-friendly design. As with MetaTrader4, it gives you access to all the top financial markets, including the forex market. The FXTM MT5 platform also gives you access to more features including 6 order execution types, 38 indicators, and 37 analytical objects. This means you have slightly better tools to work with and can try out some more advanced forex trading strategies.

Trading Tools

FXTM has both free and paid forex trading tools. Their options include forex signals, forex strategies, trading calculators, MT4 chart indicators, and a VPS service.

• Trading signals – FTXM has some free forex trading signals. The forex signals are managed in-house by their trading teams. The signals cover a range of financial instruments, and come with recommended take-profit levels and stop-loss levels, to make it easier for you to manage your trades.

• Currency Converter – FXTM offers a free currency converter tool. It is designed to help you understand how much your currency is worth in another foreign currency. You can use it to determine how much money you need to have in local currency in order to open a trading account and meet the minimum deposit requirements.

• Trading strategy – FXTM also has a free trading strategy. It is called the FXTM Pivot Points Strategy. The strategy is managed in-house by their trading teams as well. It is designed to help you understand market sentiment and price direction. It is fairly easy to follow and aims to make it easier for you to trade successfully.

• MT4 Indicators – FXTM provides a few extra MT4 chart indicators including a Spread Indicator and an Order Indicator. These tools are designed to help you analyse the markets, manage your risk exposure, and create more effective forex trading strategies.

• Market Analysis – FXTM offers some free market analysis articles. The articles are written by their trading team and are based on their own in-house market research. FXTM also has a news timeline with direct market feeds, as well as weekly market analysis updates.

• Profit Calculator – FXTM gives you access to a free profit calculator. The calculator is designed to help you work out your potential profit or loss on a trade. As such, you can use it to help manage your forex trades and better calculate your market risk.

• VPS Service – FXTM also has a free VPS service. The FXTM (Forextime) VPS service is available on all of the live accounts. However, it is only available to a limited number of clients, based on how much they deposit. To find out if you qualify for free VPS services, you need to open an account and contact your assigned Account Manager.

Education and Research

When it comes to forex education, FXTM does its best to help you get the knowledge and skills you need to navigate the market. It has a great selection of free educational resources that will help you learn how forex trading works and what you need to do to trade profitably. The resources include trading guides, forex eBooks, forex videos, training articles, forex trading strategies, and a trading glossary. However, you can only access these educational materials if you have an FXTM trading account.

FXTM Trading Hours

FTXM trading hours are in line with the standard market hours.. You can open forex trades whenever the forex market is open. Trading hours can change on public holidays.

FXTM Customer Support

FXTM offers great customer support. Their support staff are very friendly and happy to answer any questions you have about opening an account. You can contact them 24 hours a day, 5 days a week. They are available via live chat, email, and phone.

Our Verdict

FXTM is a reputable and trustworthy online broker. The company is well-established and a well-known name in the forex industry. They offer low minimum deposits, easy account access, a rich assortment of trading resources, and great customer service. They also offer a secure trading environment and a high level of client fund protection.

FXTM places a high value on fair and transparent trading. When it comes to their trading services, they have built their account model around these values. They use a fair pricing model to ensure all Kenya traders can access top trading instruments and benefit from great online trading conditions. They also offer trading tools to ensure more Kenyan traders can get the most out of trading on the financial markets.

Whether you’re new to online trading, or if you’re a seasoned forex trader just looking for a better platform to work with, check out FXTM today. There’s something for everyone.

FXTM Forex Broker Review FAQ

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